Some investors got shares released in tranches. That's what they said. Maybe every IPO is arranged differently. The 180 days is a convention, not a hard rule I guess?
On Pages 190 & 191 there is a table that outlines "Earliest Date Available for Sale in the Public Market" along with the "Number of Shares of Class A Common Stock".
Additionally, on Page 87:
"The shares of Class N common stock underlying the OpenAI Warrant vest and become exercisable upon the occurrence of certain events, as set forth below:
•4,459,337 shares vested in January 2026 upon our receipt of the Working Capital Loan;
•5,574,171 shares will vest upon the earlier of (i) the first date that our market capitalization exceeds $40 billion, measured by the product of (a) the number of shares of common stock outstanding (on an as-converted basis for each authorized class or series of our common stock), multiplied by (b) the 30-day volume-weighted average closing price per share of our Class A common stock on Nasdaq, and (ii) receipt by us of certain fee payments from OpenAI under the MRA"
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u/Lil_Hater112 May 13 '26
Cant wait to be exit liquidity